Serial entrepreneur Fito Salume is tremendously successful in his career and is especially renowned for his skill to turnaround fledgling and failing companies into profitable businesses. He is accredited with turning around the fate of more than 100 businesses with his innate and astute talent of sensing opportunities and seizing them effectively.
Speaking of his specialty, Salume says, "My experience as an entrepreneur has helped me develop the skills required to become a turnaround specialist. I am adept at gauging problems plaguing a business, comprehending the mistakes made by the management, and recognizing the key factors that led to the struggles of the company. One needs to be able to assess the situation clearly without any prejudice to make quick decisions and offer the perfect processes and solutions to adopt. It is also imperative to have an analytical mind to understand and assimilate critical financial aspects such as assets and expenses, cash flow, accounts receivables, etc."
Salume runs over 50 companies and 36 restaurants, including the Colombian franchise of Spartan Chemicals, which is one of the world's largest chemical companies in the space of sanitization for agriculture, food and industrial companies, Limpius Ecotech, that offers sanitization services to institutional clients, and a chain of cafes, Mister Donut. Shedding light on how he manages to effectively run the various and diverse business interests, he reveals, "Each and every business at its core is the same, irrespective of the industry it belongs to, and you simply need to apply common sense and have the right approach. I am very clear of my role in each company and dedicate enough time to make the correct decisions and reduce the percentage of errors in solving the problems to ensure the business runs smoothly and yields profit."
Salume believes the art of assessing people and hiring the right talent is also vital to run several businesses successfully. "It is essential to have employees with the right expertise in the management who can not only contribute to the success of the company with their proficiency but also be able to nurture and raise the capabilities of their team to accomplish the goals of the company.", he concludes.